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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (22307)	1/27/2005 7:32:06 PM
From: RealMuLan	Read Replies (2) \| Respond to of 116555

China Regulator Says FDI In China Banks Total $3.8 Bln Thursday January 27, 7:27 PM BEIJING (Dow Jones)--China's banking regulator said accumulated actual foreign direct investment in the country's commercial banking system reached $3.8 billion in 2004. A China Banking Regulatory Commission spokesman said the regulator approved foreign investment in the Bank of Communications, Shenzhen Development Bank (00001.SZ), Xian City Commercial Bank and five other local banks in 2004, the official Xinhua News Agency reported Thursday. China is gradually opening up its banking sector to foreigners, with increased caps on overseas investment in local banks used to lure much-needed capital and technical know-how from offshore. Individual foreign investors are allowed to take a maximum stake of 20% in a local bank out of total permitted foreign holdings of 25%. Foreign investors taking advantage of the relaxed controls include HSBC Holdings Plc (HBC), which bought a 19.9% stake in Shanghai-based Bank of Communications, the country's fifth-largest lender. Newbridge Capital Ltd. of the U.S. also agreed to buy a 17.89% stake in Shenzhen Development Bank, China's first publicly listed commercial bank. sg.biz.yahoo.com